Globe and Mail Article – Canadians not reaping ‘full benefit’ of oil plunge at the gas pump: BMO
Canadians not reaping ‘full benefit’ of oil plunge at the gas pump: BMO
The Globe and Mail
Published Tuesday, Dec. 15, 2015 5:42AM EST
Last updated Tuesday, Dec. 15, 2015 8:35AM EST
Canadians should be enjoying lower prices at the gas pump given the wreckage in the oil market, BMO Nesbitt Burns says.
Many things go into the cost of gas, and it varries across the country, but prices should still be lower than they are, according to calculations made by BMO senior economist Benjamin Reitzes.
“With last week’s plunge in oil fresh in my mind as I headed into the weekend, I couldn’t help but notice how gasoline prices had ticked higher from the previous week,” Mr. Reitzes said in a research note late yesterday, citing the fact that Brent crude has slipped below $55 (Canadian) a barrel, the lowest since 2008.